Canada's Barrick Gold said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.

Canada’s Barrick Gold (GOLD) is exiting an Alaska mine project by selling its 50% stake to billionaire hedge fund manager John Paulson and

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) today announced that it has reached an agreement to sell the 50 percent interest in the Donlin Gold Project in Alaska held by Barrick’s subsidiary Barrick Gold U.